Pudong Development Bank to sell 20% stake to China Mobile: report (People’s Daily)
Shanghai Pudong Development Bank, a mid-sized Chinese lender, has agreed to sell a 20-percent stake in itself to telecom giant China Mobile, the Shanghai Securities News reported Saturday. The Shanghai-based bank’s shares were suspended from trade Friday when the bank announced it may bring in a new strategic investor. The bank, partly owned by Citigroup Inc, will raise about 40 billion yuan (5 …
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